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It added: "Annual flood and storm damage costs are approximately £1.1 billion, according to the Association of British Insurers, and those households at significant risk (of flood damage) through a reduction in our capacity to manage water levels could increase from 330,000 today to 570,000 in 2035."

The document said cuts to council budgets had left them with little option but to reduce funding to drainage boards and other organisations who manage river levels.

"Such reductions in investment mean that some river, watercourse and sea defence systems and structures are maintained only to a minimal level; consequently the useful lives of those assets will be reduced," the paper said.

"The rivers and coasts of some rural areas are at a major crossroads and their funding is purely based on the benefits of flood risk to people and property as calculated currently.

"The Environment Agency has... reduced the extent of their watercourse channel maintenance and taken steps to stop operating a number of structures and systems. Examples include lowland catchments across Lancashire and Cumbria."

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The Department for the Environment, Food and Rural Affairs (Defra) insisted that funding was in place for schemes to protect hundreds of thousands of homes.

A Defra spokesman said: "We are exceeding the Government's manifesto commitment by building 1,500 new flood defence schemes that will better protect 300,000 more homes. That's an extra £2.3 billion of capital investment to help our most at-risk communities over six years."

Mr Cameron today announced £40million will be spent on fixing and bolstering flood defences battered by Storm Eva.

Charities raising cash for communities left devastated over Christmas by the deluge will be matched by the Government up to a total of £2 million in a move echoing pledges to earlier flooding victims.

It'll happen again: Flooding in Appleby in Cumbria (Image: PA)

Thousands of homes and businesses across large swathes of northern England were hit by severe flooding as the storm wreaked havoc on Boxing Day.

Mr Cameron said: "I have seen at first-hand the devastation caused by flooding. And that's why this work to repair and improve flood defences is so vital."

Around £10 million of the funding package will be used to improve defences in York after they failed to cope during the storm.

The rest of the cash will be spent on repairing defences on the Calder, Aire, Ouse and Derwent rivers in Yorkshire as well as the Wharfe, which runs through Tadcaster where the storm left the town split in two when an ancient bridge collapsed.

Mr Cameron has also made Transport Minister Robert Goodwill a "flooding envoy" for Yorkshire to oversee the response in the region and identify what must be done to protect the area in the future.

More heavy rain is set to lash parts of Britain over the coming days, with some areas of eastern Scotland likely to see more than 200mm between Saturday and Monday.

Met Office chief meteorologist Frank Saunders said: "We expect heavy and persistent rain to affect parts of eastern Scotland over the next few days, and have already issued national severe weather warnings for its potential impacts.

"Everyone should be aware of the potential for disruption in places from further flooding especially in areas such as Perth and Kinross, Angus and Aberdeenshire, where amber 'be prepared' warnings are in place."

"Localised flooding is also possible in parts of the Scottish Borders, and in Caithness and Sutherland during Sunday and Monday."

The Environment Agency said more rain is expected on Sunday in south-west and north-east England and this will bring a risk of flooding along parts of some rivers in Devon and Cornwall and the North East.

It said the River Ouse is set to remain high in York for several days and the River Severn will remain high in places, bringing a low risk of flooding over the weekend and into next week in Shropshire, Telford and Wrekin, Worcestershire and Gloucestershire.